46-U.S.C.-57306
§57306 – Payment of Trade-In Allowance
Pathway
Title 46 > Subtitle V > Part F > Chapter 573 > Section 57306
Details
- Reference: Section 57306
- Legend: §57306 – Payment of Trade-In Allowance
- USCode Year: 2013
Provision Content
(a) Acquisition at Time of Contract.—If acquisition of an obsolete vessel under this chapter occurs when the owner contracts for the construction or purchase of the new vessel, the Secretary of Transportation shall apply the trade-in allowance to the purchase price of the new vessel rather than paying it to the owner. If the new vessel is constructed under this subtitle, the Secretary may apply the trade-in allowance to the required cash payments on terms and conditions the Secretary may prescribe. If the new vessel is not constructed under this subtitle, the Secretary shall pay the trade-in allowance to the builder of the vessel for the account of the owner when the Secretary acquires the obsolete vessel.
(b) Acquisition at Time of Delivery.—If acquisition of the obsolete vessel occurs when the new vessel is delivered to the owner, the Secretary shall deposit the trade-in allowance in the owners capital construction fund.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57306 | 46 App.:1160(b) (4th–7th sentences). | June 29, 1936, ch. 858, title V, §510(b) (4th–7th sentences), as added Aug. 4, 1939, ch. 417, §7, 53 Stat. 1184; Pub. L. 87–401, subdiv. (1), Oct. 5, 1961, 75 Stat. 833; Pub. L. 91–469, §§12(b), 35(a), Oct. 21, 1970, 84 Stat. 1022, 1035; Pub. L. 97–31, §12(91), Aug. 6, 1981, 95 Stat. 161. |
In subsection (b), the words acquisition of the obsolete vessel occurs are substituted for title to the obsolete vessel is acquired for consistency in the chapter.
U.S. Encyclopedia of Law Coverage
Chapter 573 – Vessel Trade-In Program in the Legal Encyclopedia: Shipping
In this entry about Chapter 573 – Vessel Trade-In Program, find legal reference material, bibliographies and premiere content related to shipping in the American Encyclopedia of Law, presenting a comprehensive view of the United States shipping-specific issues, written by authorities in the field.
46-U.S.C.-56307 in the Legal Encyclopedia: Merchant Marine
In this entry about 46-U.S.C.-56307, find legal reference material, bibliographies and premiere content related to merchant marine in the American Encyclopedia of Law, presenting a comprehensive view of the United States merchant marine-specific issues, written by authorities in the field.
46-U.S.C.-57305 in the Legal Encyclopedia: Government Owned Merchant Vessels
In this entry about 46-U.S.C.-57305, find legal reference material, bibliographies and premiere content related to government owned merchant vessels in the American Encyclopedia of Law, presenting a comprehensive view of the United States government owned merchant vessels-specific issues, written by authorities in the field.
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